The 32 year-old joined the Toffees from Millwall in 2004 for a fee of £1.5 million and went on to establish himself as a fan favourite at Goodison Park, scoring 56 goals in 226 appearances.

Cahill struggled for goals last season, however, notching just three for the campaign and the Australia international admitted he was excited by a fresh start in his career.

He told the Red Bulls' official website: "I am very happy to start a new chapter of my career with New York Red Bulls. As we have seen over the past few years, MLS has developed into a very competitive league with many talented players."

"I am impressed with what the Red Bulls are trying to accomplish in MLS and within American soccer and I am looking forward to this new challenge. I will do everything I can to help bring New York its first MLS Cup."

"I also want to thank everyone at Everton, from the club to the tremendous supporters. It has been a privilege to be an Everton player for the past eight years and it was a very difficult decision to leave. I will always support Everton and I wish the club the best of look for the future."

The Sydney-born midfielder joins an ever-growing list of former Premier League players who have made the move across the Atlantic to MLS.

And the New Jersey-based club's general manager and sporting director believes that Cahill's arrival represents a significant addition at the Red Bull Arena.

"We are absolutely thrilled to bring in a player of Tim's calibre to the Red Bulls," said Erik Soler.

"He is the technical, physical presence we have been looking to add in our team and he brings a wealth of experience to our club, having played in some of the highest levels of international soccer."

"Tim is a proven leader both on and off the field and we believe that he can help us immediately in our quest to win the MLS Cup this season."